[Bank of America Fined $1.2 Billion for Lax Anti-Money Laundering Measures] According to a report by the Financial Times on October 14, the U.S. Treasury Department has imposed a total fine of $1.2 billion on Bank of America (BAC.N) for "serious and persistent" violations related to money laundering and sanctions compliance. Regulators determined that the bank failed to report suspicious transactions exceeding $5 billion as required. The fine includes a $750 million civil penalty imposed by the Office of the Comptroller of the Currency (OCC), marking the largest fine ever issued by the OCC. Additionally, the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) announced a $11.6 million settlement with Bank of America over "alleged violations of multiple sanctions programs, including those related to Iran, Russia, drug trafficking, and global terrorism." Regulators have mandated that Bank of America comply with a consent order, which includes a key requirement to collaborate with a third party to identify and report previously undetected suspicious transactions. This penalty represents a significant blow to Bank of America as it prepares to release its third-quarter financial results.